LIFE INSURANCE

[Lurker]

The incentive should be when they see their neighbors face plastered around town and they wouldn't want it for themselves. 

How much did an average person give this year alone to these causes? life insurance costs less than that

I agree, but that isn't working. Sometimes you need to do more than just rely on people's common sense.

[CountValentine]

The incentive should be when they see their neighbors face plastered around town and they wouldn't want it for themselves. 

Wouldn't the attitude of the young be "that is not going to happen to me"?

[Mordyk]

Wouldn't the attitude of the young be "that is not going to happen to me"?

yes. until they see their "Young" Neighbors face all over...

[CountValentine]

yes. until they see their "Young" Neighbors face all over...

IMHO it is a mindset that needs to be changed. Seeing it happen to their neighbor is not going to change that.
You need for them to see a benefit. I know WL is not the answer but showing them you will have x amount of dollars after x amount of years is a tangible benefit they can see each year. It is like the DR plan when it comes to paying CC debit. Financially it is not sound but that tangible benefit you see overrides the financial mistake. 

[gozalim]

I think you need more than awareness. There needs to be some incentive for people to actually act on it. Something like getting their first year's worth of premiums reimbursed. People sign up for credit cards for less, and it works great for the CC companies.

someone very recently tried that for shluchim :
Buy a policy (x age bracket, from x website, up to x term) and submit receipt, receive reimbursement check for 1st year premium (up to $x)

[ExGingi]

I think you need more than awareness. There needs to be some incentive for people to actually act on it. Something like getting their first year's worth of premiums reimbursed. People sign up for credit cards for less, and it works great for the CC companies.

In most states that would be illegal.

It is also bad practice and a very bad incentive in most cases. The life insurance premiums aren't part of the problem, they are actually part of the solution. "Incentivizing" people to take personal responsibility for their family's financial well-being, by removing the responsibility from them, is counterproductive.

[Mordyk]

In most states that would be illegal.

It is also bad practice and a very bad incentive in most cases. The life insurance premiums aren't part of the problem, they are actually part of the solution. "Incentivizing" people to take personal responsibility for their family's financial well-being, by removing the responsibility from them, is counterproductive.

I don't think there is anyone not getting life insurance because of the $40 a month.  its just not important to them. so lets stop making organizations for this, and lets just bring awareness

[Dan]

someone very recently tried that for shluchim :
Buy a policy (x age bracket, from x website, up to x term) and submit receipt, receive reimbursement check for 1st year premium (up to $x)

Better off a longer term partial subsidy IMHO.

[Lurker]

In most states that would be illegal.

It is also bad practice and a very bad incentive in most cases. The life insurance premiums aren't part of the problem, they are actually part of the solution. "Incentivizing" people to take personal responsibility for their family's financial well-being, by removing the responsibility from them, is counterproductive.

In general, I agree with you, however I'm not only concerned about the family's financial well-being, but the community's, as well. We need to mitigate the community cost without waiting for everyone to take personal responsibility.

[ExGingi]

In general, I agree with you, however I'm not only concerned about the family's financial well-being, but the community's, as well. We need to mitigate the community cost without waiting for everyone to take personal responsibility.

Stop being concerened. These ideas were around before you were out of diapers, and will be around by the time you are again in diapers.

You want to advocate personal responsibility to people you know and respect you? כל הכבוד! But human nature is what it is, and removing responsibility from people just doesn't make them more responsible.

[shwarmabob]

Stop being concerened. These ideas were around before you were out of diapers, and will be around by the time you are again in diapers.

You want to advocate personal responsibility to people you know and respect you? כל הכבוד! But human nature is what it is, and removing responsibility from people just doesn't make them more responsible.

LOL, it appears that you are not up-to-date with the contemporary cultural and political climate.

[yos9694]

In most states that would be illegal.

It is also bad practice and a very bad incentive in most cases. The life insurance premiums aren't part of the problem, they are actually part of the solution. "Incentivizing" people to take personal responsibility for their family's financial well-being, by removing the responsibility from them, is counterproductive.

It would not be illegal. You just mean it would be illegal for the producer to incentivize/rebate.

While I agree that incentives could be counterproductive, there are some people who understand that they need coverage but may need a push to actually go through the buying process. As you well know, the customer experience can be uncomfortable and unpleasant but once you have the policy it's easy to keep it. A sign up event and/or reward can do a lot.

[ExGingi]

It would not be illegal. You just mean it would be illegal for the producer to incentivize/rebate.

While I agree that incentives could be counterproductive, there are some people who understand that they need coverage but may need a push to actually go through the buying process. As you well know, the customer experience can be uncomfortable and unpleasant but once you have the policy it's easy to keep it. A sign up event and/or reward can do a lot.

While technically you might be correct that it's only illegal for the producer to rebate in most states, I highly doubt that insurance companies or regulators would be OK with anyone doing it. (The companies are mostly conflicted, because they like the sales, but I don't think they would like having to explain it to regulators).

[yos9694]

While technically you might be correct that it's only illegal for the producer to rebate in most states, I highly doubt that insurance companies or regulators would be OK with anyone doing it. (The companies are mostly conflicted, because they like the sales, but I don't think they would like having to explain it to regulators).

Incorrect and I know of examples. Bestow, for instance, offered the first year premium back to customers (when they were still in the bus). MassMu has a program (LifeBridge) that provides free life insurance to low income applicants.

This thread is full of your assertions and it really takes things off track. I'd be happy to discuss inside baseball in anotger thread, can we please keep it out of here?

[Lurker]

Incorrect and I know of examples. Bestow, for instance, offered the first year premium back to customers (when they were still in the bus). MassMu has a program (LifeBridge) that provides free life insurance to low income applicants.

This thread is full of your assertions and it really takes things off track. I'd be happy to discuss inside baseball in anotger thread, can we please keep it out of here?

Not a fan of taking things off track, but good information does come out of it. For example, you brought up Lifebridge. It's not likely a huge game changer for our community, but a huge number of young families would qualify and it's 50k in education coverage for free.

[ExGingi]

Incorrect and I know of examples. Bestow, for instance, offered the first year premium back to customers (when they were still in the bus). MassMu has a program (LifeBridge) that provides free life insurance to low income applicants.

This thread is full of your assertions and it really takes things off track. I'd be happy to discuss inside baseball in anotger thread, can we please keep it out of here?

I agree that the discussion can go elsewhere, but for crying out loud how is LifeBridge even part of this discussion? If that's the kind of coverage being discussed, we aren't talking the same language.

https://www.massmutual.com/static/path/media/files/lifebridge_eligibility.pdf

And my guess is that it's limited to $50,000 so that it can be provided without counting the premiums paid as taxable income to those getting it.

[yos9694]

I agree that the discussion can go elsewhere, but for crying out loud how is LifeBridge even part of this discussion? If that's the kind of coverage being discussed, we aren't talking the same language.

https://www.massmutual.com/static/path/media/files/lifebridge_eligibility.pdf

And my guess is that it's limited to $50,000 so that it can be provided without counting the premiums paid as taxable income to those getting it.

The context was abundantly clear. It's an example that counters your assertion.

While technically you might be correct that it's only illegal for the producer to rebate in most states, I highly doubt that insurance companies or regulators would be OK with anyone doing it. (The companies are mostly conflicted, because they like the sales, but I don't think they would like having to explain it to regulators).

[avromie7]

I don't think there is anyone not getting life insurance because of the $40 a month.  its just not important to them. so lets stop making organizations for this, and lets just bring awareness

You have clearly never been in the position of fighting tooth and nail to keep your bank account from going red.

[Mordyk]

You have clearly never been in the position of fighting tooth and nail to keep your bank account from going red.

I don't know why you decided that.. Check Dave ramsey thread where I acknowledge being in big debt in the past. If it's that important then it came right after rent and food.  I lived for years with only red Bank account. Yet I was always with life insurance


And why are people liking your comment that is making assumptions about someone? 

[Lurker]

And why are people liking your comment that is making assumptions about someone? 

You're right, I shouldn't have liked it. But to his point, when the coupons aren't stretching enough, or the choice is between a phone line for income or LI,, LI is not the priority for most, as cheap as $40 may sound.